Pennsylvania Turnpike Commission, Harrisburg, plans to issue an RFP for a manager to run $10 million in active short-duration high-yield fixed income for the commission's $222 million retiree medical trust, according to David Russell, senior vice president and senior investment strategist at Investment Performance Services, the trust's investment consultant.
The search is being done because the portfolio's manager, Artio Global Investors, was acquired by Aberdeen Asset Management on May 21. Aberdeen can rebid, Mr. Russell said. Artio had managed the portfolio since the trust was created six years ago.
The RFP will be posted on the commission's website and also will be available from Mr. Russell at IPS, around June 7.
All questions and the RFP responses should be directed to David Russell, Investment Performance Services, 642 Newtown Yardley Road, Newtown, PA 18940; (215) 867-2330; or via e-mail to [email protected]. Proposals are to be submitted electronically via e-mail in PDF format to Mr. Russell. The reference line of the e-mail and attached PDF file name should be structured: “(firm name) – Pa. Turnpike RFP Response.”
Proposals are due at 4 p.m. EDT on July 5. No selection date has been set, Mr. Russell said.
Officials at the commission could not be reached for comment.